A rotatable multi-operation tool for chip removing machining, including a plurality of replaceable cutting inserts of different types, and a basic body that is rotatable around a center axis and includes a rear end and a front end from which there is extending rearward an envelope surface in which at least one chip space, delimited by two opposite side surfaces, is countersunk, which opens in the envelope surface and in the front end. A first cutting insert is mounted in a first insert seat that is formed in one side surface of the chip space and situated in the immediate vicinity of the front end and included in a cavity that opens in the front end for the cutting insert to partly protrude axially forward from the front end. A second cutting insert, of a type other than the first cutting insert, is mounted in a second insert seat, which is formed in the same side surface as the first insert seat and situated axially behind the first insert seat. The second insert seat is included in a cavity that opens in a part of the envelope surface.